January 2017 | Accounting Firm in Malaysia | Malaysia Corporate Service Provider

MASB issues amendments to several Standards and a new Interpretation (29 December 2016)

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
MASB issues amendments to several Standards and a new Interpretation (29 December 2016)</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Malaysian Accounting Standards Board (MASB) has today issued a few amendments to certain existing Standards and one new Interpretation. They are:</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
(1) Malaysian Financial Reporting Standards (MFRSs)<br />> Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS 4)<br />> Transfers of Investment Property (Amendments to MFRS 140)<br />> Annual Improvements to MFRS Standards 2014–2016 Cycle<br />> IC Interpretation 22 Foreign Currency Transactions and Advance Consideration</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
(2) Financial Reporting Standards (FRSs)<br />> Applying FRS 9 Financial Instruments with FRS 4 Insurance Contracts (Amendments to FRS 4)<br />> Transfers of Investment Property (Amendments to FRS 140)<br />> Annual Improvements to FRS Standards 2014–2016 Cycle<br />> IC Interpretation 22 Foreign Currency Transactions and Advance Consideration</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The above pronouncements are word-for-word the respective pronouncements issued by the International Accounting Standards Board (IASB).</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.my/accounting/masb-issues-amendments-to-several-standards-and-a-new-interpretation-29-december-2016/" target="_blank">MASB issues amendments to several Standards and a new Interpretation (29 December 2016)</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-masb-issues-amendments-to-several-standards-and-a-new-interpretation-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-masb-issues-amendments-to-several-standards-and-a-new-interpretation-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

MASB issues amendments to several Standards and a new Interpretation (29 December 2016)

MASB issues amendments to several Standards and a new Interpretation (29 December 2016) The Malaysian Accounting Standards Board (MASB) h...

Trader are only allowed to organise four (4) special sales a year starting in 2017

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Trader are only allowed to organise four (4) special sales a year starting in 2017</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Under the new rules starting from January 1, 2017, traders and retailers are allowed to hold just four mega sales a year, compared to five times previously. Three of the new sales dates are to be set by the Government while another on a date of their choice. The purpose of making this change is to draw more tourists to the country by standardising the sales periods.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Three of the four annual sales will be determined by the Government which are the:</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
a) early year sale from March 1 to 30</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
b) 1Malaysia mega sale carnival from June 15 to August 31</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
c) 1Malaysia year-end sale from November 1 to December 31</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
d) Traders can determine the fourth sale period themselves.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Under the new rules, the maximum penalty for non-compliance includes fines up to RM100,000 for body corporate and organisation and RM50,000 (or imprisonment up to 3 years) for individual. For second or subsequent offence, the penalties include fines up to RM200,000 for body corporate and organisation and RM100,000 (or imprisonment up to 5 years) for individual.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Though there will be lesser sales in a year, the new rules also states that discounts must be a minimum of 10% based on the lowest price of the item over a three month period. Furthermore, a minimum of 50 percent of all items available at the premises must be offered for sale.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.my/sme/trader-are-only-allowed-to-organise-four-4-special-sales-a-year-starting-in-2017/" target="_blank">Trader are only allowed to organise four (4) special sales a year starting in 2017</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-trader-only-allowed-organise-4-special-sales-a-year-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-trader-only-allowed-organise-4-special-sales-a-year-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Trader are only allowed to organise four (4) special sales a year starting in 2017

Trader are only allowed to organise four (4) special sales a year starting in 2017 Under the new rules starting from January 1, 2017, tra...

Price Control and Anti-Profiteering Regulations 2017

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Price Control and Anti-Profiteering Regulations 2017</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
In a bid to protect the rights and interests of consumers as well as to curb profitering, the Domestic Trade, Cooperatives and Consumerism (KPDNKK) ministry announced the enforcement of the Price Control and Anti-Profiteering Regulations 2016 (Mechanism To Determine Unreasonably High Profits for Goods) which came into force on Jan 1, 2017.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Gazetted on 22 December 2016, it replaces the Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit) (Net Profit Margin) Regulations 2014 which expired on Dec 31, 2016. One key aspect of price control legislation is the mechanism used to work out what was “unreasonably high.”</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The 2017 Regulations apply but certain categories of goods, which include food and beverages, and household goods. Household goods have been specifically defined to include non-durable household goods and personal care products purchased for personal, family or household purposes, but cosmetic products are excluded.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Also, there are changes in the mechanism to determine unreasonably high profit. Under the 2017 Regulations, the determination of unreasonably high profit is done through the mark-up percentage or the margin percentage of the goods sold or offered using the prescribed formulas.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
Read More: <a href="https://www.3ecpa.com.my/sme/price-control-and-anti-profiteering-regulations-2017/" target="_blank">Price Control and Anti-Profiteering Regulations 2017</a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-price-control-and-anti-profiteering-regulations-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-price-control-and-anti-profiteering-regulations-1200x628.jpg" width="320" /></a></div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
<br /></div>

Price Control and Anti-Profiteering Regulations 2017

Price Control and Anti-Profiteering Regulations 2017 In a bid to protect the rights and interests of consumers as well as to curb profite...

Students are exempted from business registration fees from Jan 1, 2017

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;">
Students are exempted from business registration fees from Jan 1, 2017</h2>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
In a bid to encourage more young people especially students to join the workforce as entrepreneurs, the Malaysian government has announced an initiative of exemption of business registration fees, starting from Jan 1, 2017. The main reason why is to encourage more young people to become entrepreneurs while they are still studying. The student’s business plan will equip them with more soft skills and entrepreneurship, which will in turn make them a better employee.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
According to the Prime Minister, Datuk Seri Najib Tun Razak, students from public and private institutions of higher learning who intend to venture in new business will be exempted from business registration fees with the Companies Commission of Malaysia (SSM) starting from Jan 1, this year. The Prime Minister said the exemption under the Registration of Businesses Act was aimed at encouraging more young entrepreneurs to take advantage of the RM10mil grant allocated by the SSM. The grant is planned to be reimbursed over the next ten years or RM 1 million per year.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
The Malaysian government has rolled out the plan to boost the development of digital economy especially in the year 2017. In the new Budget, Malaysia will launch the world’s first Digital Free Zone where the agenda will empower the digital world in Malaysia and is expected to boost the digital economy sector to a greater height. The improved high-speed broadband is the other initiative being introduced to encourage more people to try out online business.</div>
<div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;">
As such, the government hopes that young people could adopt the online business platform or venture into the world of e-commerce because this will help them to outreach more customers and market their business better. The business registration cost, either under a sole proprietorship (business name in their own name as per identity card or a trade name) or partnership using a trade name for a period of one year only. The cost for sole proprietorship registration using personal name costs RM30 while registering using trade name costs RM60 per annum. With the recently-announced initiatives, students are exempted from the business registration cost.</div>
Read More: <a href="https://www.3ecpa.com.my/sme/students-are-exempted-from-business-registration-fees-from-jan-1-2017/" target="_blank">Students are exempted from business registration fees from Jan 1, 2017</a><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-students-exempted-business-registration-fees-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.my/wp-content/uploads/2017/01/photo-students-exempted-business-registration-fees-1200x628.jpg" width="320" /></a></div>
<br />

Students are exempted from business registration fees from Jan 1, 2017

Students are exempted from business registration fees from Jan 1, 2017 In a bid to encourage more young people especially students to joi...

MASB issues amendments to several Standards and a new Interpretation (29 December 2016)

Trader are only allowed to organise four (4) special sales a year starting in 2017

Price Control and Anti-Profiteering Regulations 2017

Students are exempted from business registration fees from Jan 1, 2017

Popular Posts

Recent Post

Archive

Labels